https://www.taxtmi.com/caselaws?id=261372 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to delete the penalties under Section 271AAA. The assessee's disclosure during the search, payment of taxes with interest, and acceptance of returned income without adverse comments led to the penalties' deletion. The Tribunal emphasized substantial compliance with Section 271AAA(2)(i)-(iii) conditions and lack of queries doubting the undisclosed income's source. The decision was based on precedents and upheld on 26 June 2015 in Ahmedabad. en-us Fri, 26 Jun 2015 00:00:00 +0530 Fri, 10 Jul 2015 06:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261372 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to delete the penalties under Section 271AAA. The assessee's disclosure during the search, payment of taxes with interest, and acceptance of returned income without adverse comments led to the penalties' deletion. The Tribunal emphasized substantial compliance with Section 271AAA(2)(i)-(iii) conditions and lack of queries doubting the undisclosed income's source. The decision was based on precedents and upheld on 26 June 2015 in Ahmedabad. Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261372